Which of the following is the factor that should be considered when setting a budget?

Let's face it, doing a household budget can be pretty dull. While there are more exciting things to do in life, a budget is still the best way for you to get a handle on ways to save money. Give our a try. It's fast and easy. And it will even help you spot areas where you can save some money.

Inhaltsverzeichnis Show

1. Assess your financial resources
2. Determine your expenses
3. Set goals
4. Create a plan
5. Pay yourself first
6. Track your progress
High, Low, Or Normal: What Is Your Project Budget?
1. Course Duration
2. Delivery Timeline
3. Resource Planning
4. SME, Curriculum, And Out-Of-Scope Elements
What are the factors to be considered in determining the budget size?
What factors would you consider when making marketing communication and budget allocation?
What are the factors you have to consider before placing your product or services in the market?
What factors should be considered when devising a marketing communications budget for your marketing plan?

If you're ready to roll up your sleeves and crunch some numbers, here are six steps to get you on your way.

1. Assess your financial resources

The first step is to calculate how much money you have coming in each month. This might be investment income, government assistance, student loans, employment income, disability benefits, retirement pensions or money from other sources.

2. Determine your expenses

Next you need to determine how you spend your money by reviewing your financial records. If your records aren't clear, consider keeping a financial diary to track your spending.

Be sure to separate the fixed expenses that you must meet (mortgage, rent, car payments, insurance) from variable expenses (food, clothing, entertainment, charitable gifts). Once you see your spending patterns, you may be able to make adjustments to certain expenses.

3. Set goals

Establish a list of the goals you wish to achieve. These can be long-term goals like purchasing property or funding your retirement. Or they can be short-term goals such as home improvements or car maintenance.

4. Create a plan

Once you've figured out how much money is coming in and where it's going, you can put together a plan that matches your goals with your financial situation.

5. Pay yourself first

When you pay yourself first you simply set aside a certain amount of money each month to go into an account that you will not touch. You can set up a separate savings account for infrequent but anticipated expenses, such as property taxes, vacations, automobile insurance or car maintenance. Our Jumpstart® is specially designed for these types of savings plans.

6. Track your progress

At the end of each month, you should re-evaluate your budget. Compare your actual expenses and income to your budget and make appropriate adjustments.

Once your budget is done, things are bound to change. They always do. So stay flexible. And remember, a budget is only a guideline. It doesn't factor in non-financial considerations that can result from drastic changes in spending habits.

To speak with an investment expert contact us at 604-877-7000 or toll-free at 1-888-Vancity (826-2489), visit your local branch or in your neighbourhood.

Jumpstart® is a registered trade-mark of Vancouver City Savings Credit Union

Summary: eLearning projects often are tagged as high-, low-, or normal-budgeted. In most scenarios, we end up deciding on the budget merely by reading through the script. This article will provide helpful insights on some of the factors that affect project budgeting and some suggestions to consider.

High, Low, Or Normal: What Is Your Project Budget?

Just two weeks ago, an eLearning project—tagged as low-budget—finally saw the light after a grueling 60 days of work! Initially, the project was assumed to be an eLearning course of 35 minutes duration. This duration was calculated by the time taken to read the script. So, because the script took 35 minutes to read, the learner would take 35 minutes to browse through the course. Too much to expect from learners, indeed! This low-budget, audio-visual project that had an avatar, interactive videos, simulation screens, practice exercises, and quizzes, eventually consumed 1.5 times the resources claimed by normal-budget projects. Why? Though you probably have the answer, we will analyze the factors one by one in a few minutes. We will also discuss the factors, which if considered before tagging projects as normal-, low-, or high-budgeted, can save resources as well as time.

1. Course Duration

An eLearning project, as majorly assumed, is a course. Course duration is the most crucial part of project planning and budgeting. Please remember that evaluating the course duration through the script is a sure-shot way of misjudgment and failure. The script doesn’t define the learning objectives, and it doesn’t talk about content treatment. A storyboard, however, does this better. It chunks the content into modules, lessons, topics, and pages (the typical MLTP way), and defines everything from objectives to screen transitions.

Suggestion: The course duration, if calculated from its storyboard, will yield a better approximation of timelines for browsing through the course as well as its development.

2. Delivery Timeline

After the course duration is decided, the next major factor is its delivery timeline. Now, if the course duration comes out of a faulty calculation from a script, the timeline will automatically turn out to be vague. Even before the beginning of the development phase, the timeline would look like a non-achievable target. The result? The resources start procrastinating about working overtime, even over the weekends, and ultimately, the quality suffers.

Suggestion: Instead of skimming through the script, analysis of the storyboard can yield a logical delivery timeline as well as resource planning.

3. Resource Planning

After deciding on the timelines, the next factor is the availability of resources, and staffing them on projects. If a novice designer/developer is staffed on a project that apparently has technicalities and a crunchy timeline, he/she would be more vulnerable to mistakes, and evidently, the quality will suffer. Please consider that the course duration is not the only factor in determining projects as low-budget, it is, though, one of the factors. So, a low-budget project doesn’t pertain to a resource with lesser skills or a resource whose skills don’t map with the project requirements.

Suggestion: Irrespective of high- or low-budget projects, if resource allocation is done as per skills and competencies, it will be a better utilization of the resource as well as the available time.

4. SME, Curriculum, And Out-Of-Scope Elements

Here come those knowledge transfer sessions from SMEs and deciding on the curriculum. Questions, answers, debates, arguments, and lack of empathy mark the beginning of curriculum design. A phase where an SME’s frame of reference is the product and a learning consultant designs the viability of the proposed learning subject—totally different! In most cases, a project suffers because we end up saying "yes" to each and every demand; and we don’t want the pain of recommending better solutions.

Suggestion: In scenarios, where you are asked to put every bit of content as a learning object, learn to recommend extra content to be put into appendices, further reading, or as downloadable documents. In a nutshell, learn to say "no" to out-of-scope elements. However, to be able to do so, you have to understand the subject matter and do your homework well before meeting the SME.

The world is dynamically changing where immense knowledge is being created, and at the same time it is volatile. To grow and develop is not the sole objective of survival. We have to grow, develop, and sustain as well. It is only with a little bit of conscious planning we can afford to hold on to this volatility and make use of the resources and time while also maintaining a conducive environment.

Happy budgeting!

What are the factors to be considered in determining the budget size?

Several factors to consider in determining an advertising budget are:.

Marketing goals..

Target audience..

Types of products..

Selected media types and their frequency..

Expected profit..

Product life cycle stage..

What factors would you consider when making marketing communication and budget allocation?

Companies consider several factors when they allocate the communications budget, including the market size and potential, market share objectives, product market type, product life-cycle stage, and buyer-readiness stage.

What are the factors you have to consider before placing your product or services in the market?

According to Entrepreneur, there are several critical factors to consider when marketing a new product, including the competition, the ideal customer, the unique selling proposition (USP), testing, media campaigns and understanding the life cycle of the product.

What factors should be considered when devising a marketing communications budget for your marketing plan?

Consider who you want to reach, how you want to reach them, and how often you want to get in front of your target audience. Be SMART when setting your goals and analyze past spending and results to see where adjustments may need to be made.